Solar Roofing Market: Introduction
solar shingles is projected to rise significantly between 2021 and 2027 as a result of rising emphasis on cost savings and rising electricity prices. Traditional solar panels are increasingly being replaced as a result of the growing need for sleek appearances. The need to upgrade and retrofit residential buildings is growing as a result of growing environmental concerns and the negative effects of fossil fuel-based electricity generation. Another significant factor in the industry’s growth is the explosive uptake of clean products.
The way for rising investments in the creation of innovative manufacturing facilities has been paved by the skyrocketing levels of air pollution. Other potential market-driving variables include the rise in consumer expenditure and the introduction of numerous sophisticated solar modules.The solar shingle market is divided into silicon photovoltaic and copper indium gallium selenide thin film photovoltaic according to type. With greater market penetration in the residential sector, the thin film photovoltaic segment’s market size is expected to grow. solar cells are increasingly favoured over their cadmium telluride cousins because they have less health and environmental issues. Increased acceptance for large-scale commercialization and the growing demand for lightweight and flexible solutions will both significantly influence how the market will grow.
Solar Roofing Market :Overview
solar roofing market is expected to grow from USD 2.02 Billion in 2017 by 2030, at a CAGR of 15.1%.
The growth of the solar roofing market can be attributed to the increasing demand for renewable energy sources and rising concerns about greenhouse gas emissions and climate change. Based on type, the global solar roofing market is segmented into on-grid type, off-grid type, hybrid, and grid-interactive. The on-grid type segment is expected to hold the largest share of the global solar roofing market in 2022. This can be attributed to factors such as government subsidies for installing rooftop PV systems and the easy installation process compared with other types of PV systems.
A type of roofing known as solar roofing employs solar panels to capture and store solar energy. Then, residences or businesses might be powered by this energy. Increasingly more people are utilising solar roofing because of its many advantages. By offering a clean, sustainable source of energy, solar roofs may allow you to reduce the cost of your energy bills. With the added insulation that solar panels offer, you can keep your house or place of business colder in the summer and warmer in the winter. Solar roofs are an environmentally friendly solution for both houses and businesses because they have no adverse effects on the environment.
Solar Roofing Market: Segment Analysis
Global Solar Roofing Market: Major Players
Fourth Partner Energy
Atlantis Energy Systems
SunTegra Solar Roof Systems
Hero Future Energies
Tata Power Solar Systems
Global Solar Roofing Market: By Types
Off- Grid Type
Global Solar Roofing Market: By Applications
- The global demand for solar energy is increasing rapidly due to the growing concerns about climate change and rising electricity costs. This is driving the growth of the solar roofing market.
- Government initiatives and subsidies: Governments around the world are promoting the use of solar energy through various initiatives and subsidies, which are aiding the growth of the solar roofing .
- Reduction in prices of photovoltaic (PV) modules The prices of PV modules have been declining steadily over the past few years, owing to advancements in technology and increased production capacity. This is benefiting the growth of the solar roofing.
- Growing awareness about renewable energy There has been a significant increase in awareness about renewable energy among consumers in recent years, which is helping to drive the adoption of solar roof solutions.